Covenant Bank Mortgage Rates, Fees & Info
Doylestown, PALEI: 549300B2E4B0COXM3996
Tax ID: 20-5970605
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Covenant Bank is a smaller bank specializing in Home Purchase and Refi loans. Covenant Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, New York, Trenton, Allentown, and East Stroudsburg among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Covenant Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Covenant Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
29Origination Dollar Volume (All Markets)
$13,755,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 21 | $12,195,000 | $580,714 | $5,103 | 5.18% |
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $0 | 5.65% |
TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.00% |
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 5.15% |
EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.50% |
READING, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
Their top states include:
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 29 | $13,755,000 | $474,310 | $5,103 | 5.25% |
For 2018, Covenant Bank's most frequently originated type of loan was Conventional, with 29 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Home Purchase | 14 | $4,170,000 | $297,857 | $5,103 | 5.24% |
Refi | 13 | $9,515,000 | $731,923 | $0 | 5.23% |
Home Improvement | 2 | $70,000 | $35,000 | $0 | 5.38% |
For 2018, Covenant Bank's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
For 2018, Covenant Bank's most frequently cited loan duration was 5 Year, with 15 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 4 | $1,060,000 | $265,000 |
Covenant Bank's average total fees were $5,103, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
5-6% | 20 | $7,500,000 | $375,000 |
4-5% | 9 | $6,255,000 | $695,000 |
During 2018, Covenant Bank's average interest rate for loans was 5.16%, while their most frequently originated rate bucket for loans was 5-6%, with 20 originations.
Loan Sizing
2018 saw Covenant Bank place emphasis on $200k-400k loans with 10 originations, totaling $2,810,000 in origination value.
Applicant Income
Covenant Bank lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $250k+, with 2 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 2 | $530,000 | $265,000 | $4,041 | 5.38% |
48% | 1 | $285,000 | $285,000 | $8,437 | 4.75% |
49% | 1 | $245,000 | $245,000 | $3,893 | 5.13% |
Covenant Bank lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 48%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Covenant Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.66%
Covenant Bank has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 29 | $13,755,000 | $474,310 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Multifamily:Site-Built | 8 | $7,350,000 | $918,750 |
Single Family (1-4 Units):Site-Built | 21 | $6,405,000 | $305,000 |
LTV Distribution
Complaints
Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
CBM Mortgage, Inc. | Other type of mortgage | Closing on a mortgage | 1 | 100.0% |